2025年4月23日，摩根大通资产及财富管理部首席执行官欧朵思发布致股东信，欧朵思称：“我们坚信，受托管理者不应为客户投资组合强加选择或偏好。相反，我们让客户指明对其重要的标准，摩根大通团队则据此执行。”
以下是信件全文：
2024致股东信
资产及财富管理
展望未来，
我们会尽心竭力推动创新和持续增长，
继续满足您的所需，超越所望。
摩根大通拥有近两个世纪管理客户资产的辉煌历史，致力于履行受托责任。历经岁月变迁，我们始终为全球的客户提供深刻洞见与卓越业绩，这些客户包括政府、大型机构、中央银行、主权财富基金、企业领袖、创始人及个人。我们不懈追求稳健而持续的回报，争取巩固我们在行业增长中的领先地位。无论是在大通分行为初次储蓄的客户提供现金管理或退休规划方案，还是为大型州立养老计划制定战术性资产配置全盘管理策略，我们通过每次合作不断巩固业务根基，赢得客户信赖。
我有幸和杰米·戴蒙（Jamie Dimon）共事二十余年，这段经历让我深刻体会到，成功绝非偶然，也不可视为理所当然。可持续增长之道，在于不断创新、极致专注、全力以赴，同时还需秉持“堡垒思维”——常备不懈迎接严峻挑战，同时静待时机智取新局。我们正置身竞争激烈的环境，既要为客户甄选最佳机遇，也要为自身的未来增长开拓路径，同时致力于降本增效，追求运营卓越。
在资产及财富管理部，我与同仁努力不懈，持续优化客户投资组合，为未来做好准备。我们通过以下方式实现这一目标：创造领先同业的投资业绩，汇聚业内顶尖人才，践行我们宏大的投资方略。我们重点投资尖端技术与精英人才，努力消除低效，为股东创造丰厚的盈利增长。
客户持续注入新的资产，就是对我们最大的认可。4，860亿美元净新增资产的托付，使得过去两年间资金净流入合计达近1万亿美元，彰显了客户对我们策略的信心。这一非凡成就是我们业务实力与成效的有力证明。
凭借如此强劲势头，我们几乎所有财务指标均创新高，五大关键绩效指标更齐攀高峰。
主动管理客户资产
过去二十年间，当同行纷纷加大对被动策略的投资时，我们仍一直专注于打造业内领先的主动管理平台并持续投入。在当今市场环境中，掌握基本面洞察力至关重要，我们的职责是主动捕捉未在滞后的基准中所反映的机遇。我们灵活而精准地应对周期轮动，争取持续缔造全球顶尖的投资业绩。我们的卓越表现，不仅为投资者创造了丰硕回报，更进一步巩固了客户对我们作为长期合作伙伴的信任，并吸引更多客户选择我们。
我们对投资研究能力的重大投入，成为了我们在主动管理领域优于业界的关键：2024年，我们拥有490名专属研究分析师，覆盖多个资产类别，凸显了我们力求做出明智决策的承诺，并将研究融入公司文化与业务生态。仅过去一年，我们的研究团队覆盖约4，700家公司，开展了近1.1万次公司实地考察与交流。这些来自全球的实时实地洞察，结合摩根大通的前沿技术，让团队能够为客户驾驭复杂的全球市场。
通过深度利用人工智能（AI）、机器学习和专有数据科学等先进技术，我们全面提升业务能力，大幅优化风险管理能力、简化运营并提高整体效率。我们最近推出的GPT-Insights就体现了这一承诺，它为资产管理投资者简化研究流程。这款专有生成式AI工具整合多方数据源，编制全面的公司报告，以简明易懂的方式呈现内部与外部观点。自2024年12月推出以来，GPT-Insights将研究任务耗时缩短高达85%，引导投资者深入探索的方向。我们致力于利用最先进的技术，这不仅增强了竞争优势，也符合我们为客户提供卓越价值的宏大目标——从试点，到生产，再到盈利。我们正在银行业树立创新标杆，推动可持续增长与长期股东价值。
最后，近年来，我们投入了大量资源发展交易型开放式基金（ETF）平台。出色的主动管理表现与ETF专长的结合，使我们能够在快速扩展的主动型ETF领域占据领先地位。2024年，我们在全行业的主动管理和主动型ETF流入中双双位居前列。
精英汇萃的顾问团队
过去五年，我们战略性地扩展并改进全球顾问团队，旨在增强能力，以满足客户多样化和不断演变的需要。这包括聘请新顾问并完善综合培训计划，确保他们掌握最新知识与技能，保持站在行业前沿。2024年，我们的财富管理业务网络拥有超过9，500名顾问，增长率为6%——在行业普遍停滞的背景下，这一成绩尤为显著，展现了我们全球平台的规模以及全力提供顶尖与专业服务的承诺。我们致力于建立面向未来的顾问团队，覆盖财富管理、机构业务及零售领域，树立行业领先的竞争标准。
除了招聘与培训，我们还为顾问配备尖端AI工具，如Connect Coach和Sales Assist，大幅提升生产效率，扩大专业范围。凭借超过80%的资产及财富管理部前台员工使用摩根大通大型语言模型（AI）套件，我们每天都在挖掘机会，减省枯燥重复的工作，让团队专注于更高价值的事务。这些举措对提供卓越服务与推动可持续增长至关重要。
为每位客户量身定制方案
我们对个性化建议的愿景，是让客户与顾问能够根据独特需求做出灵活选择。为了增强这方面的能力，我们完成了两项重要交易，分别在2020及2021年收购了55ip和OpenInvest。我们的技术团队利用收购的技术和平台，加上持续的专有开发工作，为每个投资组合团队配备最现代化和先进的工具和资源。这让他们能够灵活调整偏好与集中度，适应税务需求，打造符合客户特定目标的投资组合。我们坚信，受托管理者不应为客户投资组合强加选择或偏好。相反，我们让客户指明对其重要的标准，摩根大通团队则据此执行。
我们认为应该善用受托责任，对所投资的公司发挥影响，借助两个世纪凝聚的深厚底蕴，提升为股东创造的长期价值。我们的内部管理团队独立运作，无需依赖外部代理顾问为政策表决及提供建议。实际上，我们已采取行动大幅减少代理顾问公司对团队的影响，不再将他们的研究报告纳入我们管理团队及投资专家的治理决策体系。我们引以为豪的是，主要投资者均积极参与公司治理，并善用他们的专业知识及见解，为客户资产构筑坚实的监督保障。
另类投资
另类投资一直是我们客户投资组合享有的一大差异化优势，因为我们是全球重要的另类投资提供商与投资者之一。近年来，这一资产类别成为行业最大、增长最快的领域之一，主要得益于面向个人投资者的开放式结构。为此，我们战略性地将业务范围重组为两大支柱：资产及财富管理另类投资方案和资产管理私募市场。依托我们60多年的深厚积淀与丰富广博的投资经验，新架构旨在拓宽覆盖范围并实现显着增长。这些改进让我们能够扩大业务范围，充分发挥我们在该领域的深厚专业知识，从第三方策略到自主管理的基金，最终为客户提供全方位、定制化的创新投资方案。通过精准匹配不断变化的市场需求与自身资源及业务能力，我们能够从容驾驭复杂的金融环境，推动这一重要领域的可持续增长。
全球布局
作为一家拥有数百年历史的企业，我们深刻理解塑造行业的复杂经济与地缘政治格局。如今，资产及财富管理部在超过150个国家/地区服务客户，彰显了我们致力于服务全球广大客户的承诺。近年来，我们在雅典、杰克逊维尔、曼彻斯特、慕尼黑、盐湖城和斯科茨代尔开设新办事处。此外，我们还在奥斯汀、劳德代尔堡和法兰克福等主要办事处增加超过10%的顾问人数。在中国，我们在外资资产管理公司中拥有较大的中国股票研究分析师团队。这些投资为资产及财富管理业务未来几十年的发展奠定了坚实的基础。
除了扩大我们的业务足迹外，我们还通过人才流动培育卓越文化，确保我们的团队不仅熟悉当地市场动态，也与我们具有凝聚力的全球文化保持一致。两者的结合，让我们能够保持灵活敏捷、反应迅速，准确把握新兴趋势，并为全球客户提供一致的体验。最后，在全球大多数资产及财富管理网点，我们都与消费者和社区银行以及商业和投资银行业务伙伴共处同一地点，大大增强了我们对客户和社区的影响。
策略成效卓著：为公司和股东带来强劲的净资产收益率
与业内对手相比，我们不仅业绩优异，对摩根大通的整体成功也很关键。我们之所以能够实现行业领先的净资产收益率，源于我们严谨地管理资产负债表上的每一分毫，为股东带来强劲的综合股本回报率。这些成果是在我们对业务保持大量投资下同时实现的，凸显了我们业务的强大实力，以及对战略投资的专注。
结语
我们致力于履行对客户的受托责任，这指导了我们的工作方向，引领着每一步的前行。近年的市况充满挑战和波动，我们都能成功引导客户和股东应对，同时也投资布局未来，为此，我深感自豪。
摩根大通的三大业务板块每日都在各自领域追求卓越，深知整体力量胜于个体之和。我和资产及财富管理运营委员会的同仁努力不懈，为客户尽量提升公司价值，提供投资建议、流动性管理、资本市场专长、信贷、支付、托管及全方位银行服务。客户与每个业务部门一样，都是集团的一份子，共同享有摩根大通庞大的资源和规模优势，这些条件让我们在竞争中脱颖而出。
我们衷心感谢客户和股东的信赖，并将继续致力于提供至臻服务。凭借摩根大通的优势，我们有信心能够提供卓越价值，保持行业领导地位。展望未来，我们会尽心竭力推动创新和持续增长，继续满足您的所需，超越所望。
2．注释内容请参见本年报第58页注释33。
3．资料来源：公开文件、公司网站、晨星。
4．注释内容请参见本年报第59页注释36。
5．资料来源：公开文件；净资产收益率或类似指标基于报告数据（如有）。对于未报告净资产收益率或类似指标的同业，计算结果来源于报告的普通股东应占净收入以及报告的平均普通股东权益。
2024 Letter to Shareholders
Asset & Wealth Management
J.P． Morgan has a proud fiduciary history spanning nearly two centuries of managing client assets． Throughout each decade， we have consistently delivered valuable insights and strong performance to a distinguished clientele worldwide， including governments， major institutions， central banks， sovereign wealth funds， CEOs， founders and individuals． Our steadfast commitment to delivering strong and consistent results has solidified our position as a leader in industry growth． Whether supporting a first-time saver seeking cash management solutions or retirement options at a Chase branch or serving a major state pension plan in need of tactical asset allocation overlay strategies， our franchise continues to strengthen with each new relationship， earning the trust of our clients．
Having had the privilege of working for Jamie Dimon for over two decades， I am reminded every day that success is not accidental and should never be taken for granted． Sustainable growth requires constant innovation， extraordinary focus， intensity and drive， coupled with a fortress mindset – always preparing for the toughest challenges while remaining poised to seize new opportunities． We are in a fiercely competitive race to identify the best opportunities for our clients and for our future growth while simultaneously maintaining our unwavering focus on cutting waste and achieving operational excellence．
In Asset & Wealth Management （AWM）， my partners and I work tirelessly to optimize client portfolios and future- proof them for what lies ahead． We achieve this by delivering leading investment performance， leveraging what I believe is the most exceptional talent in the industry and executing our most ambitious investment agenda to date． Our focus on investing in cutting- edge technology and our elite talent， while driving out inefficiencies， has led us to highly profitable growth for our shareholders．
Our clients vote daily on our success with their consistent contribution of new assets． They have demonstrated their ongoing confidence in our strategy by entrusting us with an additional $486 billion in net new assets， bringing the total to nearly $1 trillion of inflows over the past two years． This remarkable achievement stands as the ultimate testament to the strength and effectiveness of our business．
Building on this tremendous momentum， we have achieved record results across nearly all financial metrics， reaching all-time highs in five key performance indicators．
ACTIVELY MANAGING OUR CLIENTS’ ASSETS
Over the past two decades， we have focused on and invested in the industry’s leading active management platform， even as many of our peers double down on passive strategies． In today’s market environment， where having fundamental insights is critical， we believe our responsibility is to proactively seek opportunities that are not yet reflected in backward-looking benchmark weightings． We have responded swiftly and adeptly to various market cycles， consistently achieving world-class investment performance． Our peer-leading performance has enabled us to deliver positive outcomes for our investors， strengthening our clients’ trust in us as their long-term partner and attracting more clients than ever before．
A key component of our strategy to be the industry’s leading active manager is our substantial investment in our research capabilities． In 2024， we employed 490 proprietary research analysts across various asset classes， underscoring our commitment to making informed decisions and embedding research into our culture and business ecosystem． In the past year alone， our research team provided coverage on approximately 4，700 companies and conducted nearly 11，000 company visits and engagements． These real-time， on-the-ground insights from around the world， infused with JPMorganChase’s dominant technology， empower our teams to adeptly navigate complex global markets for our clients．
By harnessing and leveraging advanced technologies – such as artificial intelligence （AI）， machine learning and proprietary data science – we enhance all aspects of our business， significantly improving our risk management capabilities， streamlining operations and boosting overall efficiency． Our recent launch of GPT-Insights exemplifies this commitment， streamlining the research process for Asset Management （AM） investors． This proprietary generative AI tool creates comprehensive company reports from multiple sources， highlighting both internal and external perspectives in an easily digestible format． Since its December 2024 launch， GPT-Insights has reduced research task times by up to 85%， guiding investors on where to delve deeper． Our dedication to leveraging state-of-the-art technology not only strengthens our competitive edge but also aligns with our broader goal of delivering superior value to our clients – from pilot to production to profitability． We are setting a new standard of innovation in the banking industry， driving sustainable growth and long- term shareholder value．
Lastly， in recent years we have made significant investments in our exchange-traded funds （ETF） platform． The combination of top active management performance and ETF expertise has positioned us as a leader in the rapidly expanding field of active ETFs． In 2024， we were the leader in inflows in both active management and active ETFs across the industry．
BEST-IN-CLASS ADVISORY TEAMS
Over the past five years， we have strategically invested in expanding and elevating our global advisor teams to enhance our capabilities and meet clients’ diverse and evolving needs． This includes both hiring new advisors and expanding our comprehensive training programs to equip them with the latest knowledge and skills， ensuring they remain at the forefront of industry trends． With over 9，500 advisors， our Wealth Management network reflects a 6% growth in 2024 – a notable achievement given industry stagnation – demonstrating the scale of our global platform and our commitment to first-class service and expertise． We aim to build future-ready advisory teams in Wealth Management， Institutional and Retail/Funds， setting a standard that is admired by our competitors．
In addition to hiring and training， we equip our advisors with cutting-edge AI tools like Connect Coach and Sales Assist， significantly enhancing their productivity and scope． With over 80% of AWM Front Office utilizing our J.P． Morgan Large Language Model （AI） Suite， each day we uncover opportunities to eliminate “no joy” work and repetitive tasks， allowing our teams to focus on higher-value activities． These initiatives are integral to delivering exceptional service and driving sustainable growth．
HIGHLY CUSTOMIZED SOLUTIONS FOR EACH INDIVIDUAL
Our vision for personalized advice focuses on empowering both clients and advisors to make choices tailored to each unique situation． To enhance our capabilities， we made two important acquisitions： 55ip （in 2020） and OpenInvest （in 2021）． Our technology teams leverage these acquisitions， alongside continuous proprietary developments， to equip every portfolio team with the most modern and advanced tools and resources． This enables them to customize preferences and concentrations， adapt to tax considerations and create portfolios that are aligned with their specific needs． We don’t believe any fiduciary manager should dictate choice or preferences for a client’s investment portfolio． Instead， we empower clients to specify criteria important to them， and J.P． Morgan teams execute accordingly．
We believe our fiduciary voice should be leveraged to influence the companies we invest in， drawing on our two centuries of collective knowledge to enhance long-term shareholder value creation． Our in-house stewardship teams operate independently， without relying on external proxy advisors to vote for us． In fact， we have taken major steps to minimize the influence of proxy advisory firms on our teams and no longer incorporate their research into the governance decisions made by our stewardship and investment professionals． We take pride in the active role our fundamental investors play in the governance process， utilizing their expertise and insights to ensure strong oversight for client portfolios．
ALTERNATIVES
Alternatives have always been a key differentiator in our clients’ portfolios， as we are among the leading providers and investors globally． Recently， this asset class has emerged as one of the industry’s largest and fastest-growing areas， primarily driven by the open-ended structure now available to individual investors． In response， we have strategically restructured our coverage into two distinct pillars： AWM Alternative Solutions and AM Private Markets． This new structure is designed to broaden our coverage and enable meaningful growth， leveraging our rich history of over 60 years and our extensive experience across various investment types． With these enhancements， we are poised to expand our coverage and unlock our deep expertise in this area， ultimately providing our clients with innovative and tailored investment solutions across the board – from third-party strategies to funds managed by our own teams． By aligning our resources and capabilities with the evolving needs of the market， we are well-equipped to navigate the complexities of the financial landscape and drive sustainable growth in this important area．
GLOBAL FOOTPRINT
As a business within a firm with hundreds of years of history， we possess a deep understanding of the complex economic and geopolitical landscape that shapes our industry． Today， AWM maintains client coverage in over 150 countries， underscoring our commitment to serving a diverse range of clients globally． In recent years， we have invested in opening new offices in Athens， Jacksonville， Manchester， Munich， Salt Lake City and Scottsdale． Additionally， we have increased our number of advisors by more than 10% in other key offices， including Austin， Fort Lauderdale and Frankfurt． In China， we have one of the largest teams of research analysts covering Chinese stocks among foreign-owned asset managers． These investments build a strong foundation for AWM for decades to come．
In addition to expanding our geographic footprint， we cultivate a culture of excellence through talent mobility， ensuring our teams are not only adept in local market dynamics but also aligned with our cohesive global culture． This combination allows us to remain agile and responsive， positioning us to capitalize on emerging trends and to deliver a consistent experience to our clients worldwide． Lastly， in most of AWM locations around the world， we co-locate with our Consumer & Community Banking and Commercial & Investment Bank partners， significantly amplifying our impact on clients and communities．
EVIDENCE THAT THIS STRATEGY IS WORKING： STRONG ROE FOR OUR FIRM AND SHAREHOLDERS
Our results are not only strong compared with every major competitor but are also crucial for the broader success of JPMorganChase． Our ability to deliver industry-leading return on equity （ROE） stems from our disciplined approach to managing every dollar on our balance sheet， contributing to a robust blended ROE for our shareholders． These results， achieved while maintaining significant investment in our business， speak to the strength of our franchise and the focus of our strategic investment agenda．
CONCLUSION
Our fiduciary commitment to our clients serves as our north star， guiding every aspect of our work． I am proud of how we have successfully guided our clients and shareholders through the challenges and volatility of recent years， all while making significant investments in the future．
As each of the three lines of business at JPMorganChase strives every day to excel in our respective areas， we are acutely aware that our collective strength surpasses the sum of our individual parts． Together with my Operating Committee partners in AWM， we work relentlessly to maximize the firm’s value to every client， delivering investment advice， liquidity management， capital markets expertise， credit， payments， custody and full-service banking． Clients benefit from being part of the broader JPMorganChase ecosystem， as does each line of business， with access to unparalleled resources and scale that set us apart from the competition．
We are deeply grateful for the trust our clients and shareholders place in us and remain dedicated to delivering excellence every day． By leveraging the strengths of JPMorganChase， we are confident in our ability to deliver exceptional value and maintain our leadership position in the industry． As we look to the future， we are committed to driving innovation and consistent growth， ensuring that we continue to meet and exceed your expectations．
1.For footnote， refer to page 58 footnote 34 in this Annual Report．
2.For footnote， refer to page 58 footnote 33 in this Annual Report．
3.Source： Public filings， company website， Morningstar．
4.For footnote， refer to page 59 footnote 36 in this Annual Report．
5.Source： Public filings； return on equity （ROE） or comparable metric is based on as reported figures， where available． For peers that do not report ROE or a comparable metric， calculations were derived from reported net income attributable to common shareholders and the reported average common shareholders’ equity．
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